China Eximbank provides $260 million preferential buyer’s credit for acquisition of ten 35,000-ton portable bulk carriers

On September 2, 2009, China Eximbank and the Government of Cuba signed a $260 million preferential buyer’s credit (PBC) loan agreement for the acquisition of ten 35,000-ton portable bulk carriers (equipped with modern technology). The borrowing terms of the PBC (loan) are unknown. The purpose of this acquisition is for Cuba to recover and renew its merchant navy capacities. China National Machinery Import and Export Corporation (CMC) was the contractor responsible for project implementation. The carriers were ordered by the Cuba firm Empresa Importadora General del Transporte (EIGT) on behalf of Grupo Acemex and CMC in September 2009. Empresa Importadora General del Transporte (EIGT) ordered Shanghai Shipyard to construct the ten carriers in a three-year project, then which got extended by an additional year. On November 30, 2012, the fourth bulk carrier was delivered. On April 26, 2013, the sixth bulk carrier was delivered. On September 6, 2013, the last of 10 bulk carriers ordered by Empresa Importadora General del Transporte (EIGT) was delivered from Shanghai Shipyard.

Additional details

1. The Chinese project title is 向古巴出口 10 艘 35000 吨灵便型散货船项目. 2. Some sources refer to the carriers that were purchased as "grain ships".

Number of official sources

4

Number of total sources

12